Page 4 - Finance Sector

RBI reviewing regulation for governing non-core business of banks

The modifications in relation to banks' non-core business could be made by amending the Banking Regulation Act

Udaan raises $120 mn amid funding winter; plans IPO in 12-18 months

Business-to-business e-commerce firm raises capital from existing investor, was valued at $280 million in January 2021

Tamilnad Mercantile Bank's Q2 net rises 37.15% to Rs 262.3 crore

TMB's NII was up 15.6 per cent YoY in Q2FY23 at Rs 508.16 crore

StanChart posts 40% jump in quarterly profit, raises income outlook

Standard Chartered posted a 40% increase in quarterly profit, as the emerging markets-focused bank benefited from a sharp rise in income on higher interest rates

Bond market sees no end to worst turbulence since credit crash of 2007

The world's largest bond market is being whipsawed by its longest stretch of sustained volatility since the onset of the financial crisis in 2007

Q2 results: Motilal Oswal Financial Services' PAT up 11% to Rs 509 crore

Motilal Oswal Financial Services Ltd on Friday reported an 11 per cent growth in Profit After Tax (PAT) at Rs 509 crore for three months ended September 2022 driven by robust growth across the segments. This was the highest quarterly profit posted by the company. In comparison, the company had a PAT of Rs 458 crore in the same quarter of the preceding fiscal, it said in a statement. The company's revenues grew by 13 per cent to Rs 1,098 crore in the quarter under review from Rs 971 crore in the July-September period of the financial year 2021-2022. "We have achieved one of the highest quarterly profit of Rs 509 crore, following robust and sustainable performance across the businesses. Our retail broking business which is our cash cow business continued to improve its market share and benefitting from market expansion and industry consolidation," the company's MD and CEO Motilal Oswal said. "Our asset management business has seen strong improvement in performance and is likely to g

IndusInd Bank's Q2 net profit rises 57% to 1,805 cr, NII rises 18%

Should see 18-20% credit growth in FY23 says Sumant Kathpalia, MD & CEO, IndusInd Bank

Risk to India's sovereign rating from external pressures limited: Fitch

Country relatively insulated from volatility due to limited reliance on external financing, says rating agency

State-owned NBFCs looking to tap into India's first sovereign green bonds

The finance ministry is yet to confirm their participation and draw broad contours of the bond issuance

After RBI missive, FIDC asks NBFCs to revise codes of conduct

Has asked them to insert penalty cause for repeated breaches

Shriram Group likely to submit EoI for privatisation of IDBI Bank

Entry of Shriram Group as a bidder, could set the stage for at least a two-way contest for IDBI Bank with Prem Watsa's Fairfax Financial also believed to be a contender

Finance, consulting firm jobs make up for the loss in IT sector placements

However, IT companies have also been strategic in the extent of hiring cuts that have varied from campus to campus

Warburg Pincus to acquire majority stake in MSME lender Vistaar Finance

NBFC has more than Rs 2,600 crore in AUM and it has some 200 branches

'Offer for sale' mechanism to get mega boost as Sebi relaxes norms

Among other things, the cooling-off period required between two OFSs has been reduced to as less as two weeks from 12 weeks at present

'Upper layer' NBFC tag for Tata Sons calls for a new compliance policy

Tata Sons will have to appoint a new chief compliance officer (CCO)

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

Public sector banks plan to establish verticals for big data, analytics

PSBs will also launch digital-only goods, services in the upcoming year with minimal data entry requirements, automated checks, and underwriting for consumers

Boards of two Tata Motors finance companies to consider merger next week

Merger is part of Tata group plan to bring similar businesses under a single umbrella like Tata Steel's merger of seven subsidiaries with itself to consolidate its metals and mining businesses

RBI policy: Here is how a repo rate hike can affect your finances

If RBI increases the repo rate, the cost of borrowing by banks also rises, which subsequently makes taking loans from banks costlier

Dematerialisation: A digital revolution in Indian finance

Exactly 26 years ago, India embarked on a very ambitious path in digital finance leading to remarkable results. It is time for more such reforms